Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 4 : Charge of income-tax-Re development of building-Monthly rental compensation received from the builder for rent of alternative accommodation-Not utilised for paying alternative accommodation-Capital receipt-Not taxable as income from other sources-Delay of 1566 days in filing the appeal is condoned. [S. 56, 254(1)] The Tribunal condoned the delay of 1566 days in filing of… Read More ...
The Supreme Court has held that S. 254(1) : Appellate Tribunal-Duties- Numbering of paragraphs in all orders-The Supreme Court urges the High Court and Tribunals to follow a uniform format for all its orders. The Hon’ble Supreme Court referring to the case of Shakuntala Shukla v. State of Uttar Pradesh LL 2021 SC 422 and State Bank of India v. Ajay… Read More ...
The Calcutta High Court has held that PCIT-2, Kolkata Vs Balmer Lawrie and Company Limited(Calcutta High Court) Date-13th April, 2023 Sub-whether prior period expenditure can be claimed as an expenditure in the year in which the liability crystallises and whether diminution in the value of investment is eligible for deduction while computing book profit u/s 115JB of the Act? The Division bench… Read More ...
The Supreme Court has held that SPL Labs India Pvt ltd Vs ITO,Circle 6 Banglore(Supreme Court) Date-19th April, 2023 Sub-whether in every case where tribunal determines Arms’ length Price (ALP), the same shall attain finality and high court is precluded from considering the determination of ALP once determined by tribunal , in terms of Section 260A of Income-tax Act,1961 The Supreme… Read More ...
The INCOME TAX APPELLATE TRIBUNAL, DELHI Bench "B" has held that The present appeal has been filed by the revenue against the order of the Ld. CIT(A)-34, New Delhi dated 20.09.2019. 2. The revenue has raised the following grounds of appeal:- “1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs.2,89,34,949/-… Read More ...
The INCOME TAX APPELLATE TRIBUNAL, DELHI Bench "H" has held that This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-16 [hereinafter referred I.T.A. No. 3530/Del/2019 2 to CIT (Appeals)] New Delhi, dated 5.01.2018 for assessment year 2012-13 in sustaining the addition of Rs.25,32,724/- on account of stock difference. During the year under consideration, it was observed that… Read More ...
The Supreme Court of India has held that Saraf Exports Vs CIT,Jaipur (Supreme Court) Date-10th April, 2023 Sub-Whether Duty drawback and DEPB received as an incentive for exports can be said to be derived from the business of industrial undertaking and thus eligible for the benefits of Section 80-IB of Income-tax Act,1961? The Supreme Court was called upon to consider this issue again… Read More ...
The Supreme Court of India has held that Mansarovar Commercial Pvt ltd Vs CIT New Delhi(Supreme Court) Date-10th April, 2023 Sub-What is the meaning of management and control for the purpose of determining residency of a company? Whether simply registered office of a company can be the criterion ? The Supreme Court in this case was considering interesting question as to taxability of… Read More ...
The Supreme Court of India has held that US Technology International Pvt ltd Vs Commissioner of Income-tax (Supreme Court) Date-10th April 2023 Sub-Whether penalty can be levied u/s 271C for mere delayed payment of TDS when interest is dis-charged u/s 201(1A)? The Supreme Court in this case was considering whether the appellant was liable for penalty u/s 271C even though there was mere… Read More ...
The Bombay High Court has held that S. 148 (old provisions) - initiation on the basis of third party search - reasons for reopening recorded as "null" - material relied upon not provided to the Petitioner - held, no reason to believe - no tangible material available - thus, failure to establish live-link with such tangible material - procedure prescribed under GKN… Read More ...